Developers bet big on office space in PH
There is 1.3 million sqm of the workspace that is awaiting completion this year. Leechiu Property Consultants (LPC) Chief Executive Officer David T. Leechiu stated that 460,000 sqm of that workspace will taken up the company.
BPO service industry is expected to demand an office space of 750,000 sqm. Companies that are already in the Philippines are taking up the new office space but demand from new companies is slowing down.
Real estate firms are catering to the needs of the BPO service industry as it provides them with a steady income. Remittances from Filipinos living abroad and BPO service industry accounts for two-thirds of the Philippine economic output.
As it is too early to gauge the impact of Trump’s anti-outsourcing stance, property firms are going ahead and constructing additional office spaces despite uncertainty.
If Trump’s stance affects them, they expect other sectors to fill up the office space. The property firms expect China and Japan to invest in their office spaces if outsourcing companies fail to do so.
The country still offers good investment opportunities and should US policies change, the office market will still continue to remain strong as ever.
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